It’s a good thing that car companies are focusing their energies on improving fuel economy to align with the EPA’s tight fuel expectations for 2016. According to an article with AOL’s Auto Blog, one fuel insider is predicting lofty prices in the coming year.

John Hofmeister, former president of Shell, shared his scary forecasts with Platt’s Energy Week Television in late December. According to AOL, “…Hofmeister said that he fully expects gas prices to be above $5.00 per gallon by the end of 2012.”

This may seem extremely pessimistic, but according to another expert in the field, it might not be so far off. Tom Kloza, the chief oil analyst with Oil Price Information Service, says that the price will happen – just not as fast as Hofmeister believes.

While Americans may be balking at this high price, other drivers across the globe are already suffering from this kind of inflation. AOL reports that, “…the UK recently saw gas prices spike to $7.30 a gallon.”

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